[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 391 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 391

  To amend the Internal Revenue Code of 1986 to deny the foreign tax 
      credit and deduction for taxes paid in lieu of income taxes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 4, 1995

Mr. Traficant introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to deny the foreign tax 
      credit and deduction for taxes paid in lieu of income taxes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. DENIAL OF FOREIGN TAX CREDIT AND DEDUCTION FOR TAXES PAID IN 
              LIEU OF INCOME TAXES.

    (a) In General.--Section 903 of the Internal Revenue Code of 1986 
(relating to credit for taxes in lieu of income, etc., taxes) is hereby 
repealed.
    (b) Clerical Amendment.--The table of sections for subpart A of 
part III of subchapter N of chapter 1 of such Code is amended by 
striking the item relating to section 903.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1994.
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